C&WC completes purchase of BTC for US$210mn

Cable & Wireless Communications (C&WC) has completed its purchase of state-owned Bahamas Telecommunications Company ( BTC), according to statements from C&WC as well as the local government. According to the government, C&WC has paid in full the US$210mn purchase price for a 51% stake in the telecoms operator and has officially taken management control of the company. The government said it has also received in-kind and cash completion dividends from BTC totaling US$14.3mn. A new board has been established for BTC, which will be part of C&WC's Caribbean business unit. Geoff Houston has been appointed as BTC's CEO. Prior to this position, Houston was CEO of C&WC's operations in Jamaica, Seychelles and Channel Islands and the Isle of Man. C&WC CEO Tony Rice said the company will now begin the next phase of strengthening BTC by improving its network, introducing new services and moving it to a competitive cost base. Also coming out of BTC's privatization is a revision of the country's sector policy, meaning the countdown will begin for liberalization of the cellular services industry. According to the government, the sector's liberalization will begin in three years. With nearly US$2.5bn in revenues, C&WC operates communications business in 38 countries via four regional units: the Caribbean, Panama, Macau and Monaco & Islands.